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The FxPro Analyst Team

Midday EURUSD roundup

The dollar index fluctuates close to 95.50, recovering to 2-week highs. EURUSD is trading near 1.1550, having returned to a decline at the beginning of the day against the backdrop of the demand for the dollar as a protective asset against problems with the EM currencies.

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Bullish: Technical rebound after a sharp decline at the beginning of the day. The upward revision of composite PMI for the euro area. The correction of the dollar index after having touched the 2-week highs.

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Bearish: Demand for the dollar as a protective asset on EM-currencies turbulence. The growth of the Manufacturing ISM to the highest levels since May 2004.

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Next focus on: US trade balance at 12:30 GMT. The Bank of Canada Interest Rate decision at 13:00 GMT.

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